Authorities in Odisha Expose Cryptocurrency Scam Involving GBE Crypto Trading Company of Over INR 7.6 Million

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Investigation of the Crypto Scam
  2. Scammers' Tactics
  3. Account Freeze and Next Steps


    4. Authorities in Odisha, India, have exposed a large cryptocurrency scam that cheated investors out of over INR 7.6 million (around $90,604). The scam involved a fake crypto trading platform called GBE Crypto Trading Company.

    Investigation of the Crypto Scam

    According to [local reports](https://www.newindianexpress.com/states/odisha/2024/Aug/26/balangir-police-cracks-crypto-scam-nabs-four-from-rajasthan-for-rs-76-lakh-fraud), the name was intentionally designed to sound like GBE Brokers, a well-known brokerage firm based in Cyprus, to trick people into trusting the fake platform.

    Scammers' Tactics

    The scammers operated mainly through WhatsApp and Telegram, where they shared a fake trading app. To hide their identity, they used virtual phone numbers and VPN services, making it difficult for police to trace their activities. An investigation by the Cyber Police Station in Balangir, Odisha, discovered that the scammers had registered several fake domains pretending to be real trading platforms.

    Account Freeze and Next Steps

    Although it’s unclear if they directly impersonated GBE Brokers, their tactics were convincing enough to fool many investors. Superintendent of Police Rishikesh Khilari reported that more than 60 bank accounts linked to the scam have been frozen, and INR 85 lakhs (about $101,334) has been seized. The police are still investigating to recover more money and catch others involved.

    Authorities continue to work on uncovering and preventing such scams in the future to protect investors and create a safer financial environment.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Binance Expands into Traditional Finance as Mining Pool Closes

As Binance prepares to shut down its mining pool, the exchange is expanding into traditional finance by providing access to over 7,000 US stocks and ETFs for customers outside the United States.

user avatarMiguel Rodriguez

Binance Announces Closure of Mining Pool Services

Binance has announced the closure of its mining pool and related services effective November 10, 2026.

user avatarLuis Flores

AI Researchers Light Up Cigarettes to Signal Confidence in AI's Cancer Cure Potential

AI researchers are smoking cigarettes to signal their confidence in AI's potential to cure cancer.

user avatarArif Mukhtar

Sony's Plan to Discontinue Physical Game Discs Faces Major Backlash

Sony's announcement to stop producing physical game discs by 2028 has led to significant backlash from the gaming community.

user avatarMaria Gutierrez

Vibe Coders Successfully Port PS5 Games to PC with AnyPS5 Project

Vibe coders are making significant strides in porting PlayStation 5 applications to Windows and Linux through their open-source project, AnyPS5, which aims to convert PS5 game executables into programs that can run natively on PCs.

user avatarDavid Robinson

TRON DAO Reports Significant Growth in Q3 2026

TRON DAO highlights significant growth in transaction volume and network activity in its Q3 2026 ecosystem report.

user avatarAndrew Smith

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.